HSBC net profit dips 17 after hefty fine

It paid another 1.4 billion fine in the UK for improperly selling financial products to customers and also wrote down the value of its own debt by 5.2 billion.

The bank noted that not counting one-time charges,its underlying profit before tax rose 18 per cent to 16.4 billion,as it had to write off fewer bad loans. That suggests it is being hurt less by the economic downturn that has hit its European and US units in recent years.

Chief Executive Stuart Gulliver said the bank has made important progress in focusing on its more profitable businesses and reducing costs. HSBC has cut staff by about 10 per cent.

In terms of the broader strategy that we set out in 2011,weve delivered most of what we promised, he said in a statement.